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Re: Pro printers...do you save any prints?

[QUOTE=bob carnie;889134 . . . To date I have over 200 signed pieces that someday will be auctioned off for my retirement needs. . . . "

How do you handle this from a Canadian income tax standpoint? Under U.S. law you'd be required to report the value of the prints as income, which could present a cash flow problem if they're valuable enough to eventually serve as your retirement fund (i.e. you'd report their value as income each year which would increase your tax liability but since you're saving them to sell later they don't produce any current cash with which to pay the taxes). Does Canadian tax law not require you to report their value when you keep them?

Brian Ellis
Before you criticize someone, walk a mile in their shoes. That way when you do criticize them you'll be
a mile away and you'll have their shoes.

Re: Pro printers...do you save any prints?

Re: Pro printers...do you save any prints?

Good Question

I have my place insured for artwork but until I sell the pieces I have not made any income from these pieces.
When I sell , auction, donate then I believe the Tax man will want his share.
At this point its work hanging on my wall for my own pleasure.

[QUOTE=Brian Ellis;889914][QUOTE=bob carnie;889134 . . . To date I have over 200 signed pieces that someday will be auctioned off for my retirement needs. . . . "

How do you handle this from a Canadian income tax standpoint? Under U.S. law you'd be required to report the value of the prints as income, which could present a cash flow problem if they're valuable enough to eventually serve as your retirement fund (i.e. you'd report their value as income each year which would increase your tax liability but since you're saving them to sell later they don't produce any current cash with which to pay the taxes). Does Canadian tax law not require you to report their value when you keep them?[/QUOTE]

Re: Pro printers...do you save any prints?

Originally Posted by tgtaylor

A "Printers Proof" is not itended for resale.

Thomas

A printers proof in my world is a signed piece, that I certainly can do what I want with it. To date I have never sold one and probably will not for quite awhile.
Different printmaking processes may have a different definition for pp , but I see it as part of my advantage of working in collaboration with phototographers.

Re: Pro printers...do you save any prints?

I used to keep a copy of the prints I made but since there have been movements about saving and cutting back in the use of materials where images are printed, I have switched to just saving copies and having the photographers sign so that there would be proof.

And like what other have stated here, I only keep a copy of those which are going to be displayed and really useful indeed.